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MONEY With Melissa Francis

News/Business. Melissa Francis with a breakdown of the day's top stories and their impact on the American Taxpayer. New.

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01:00:00

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San Francisco, CA, USA

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Virtual Ch. 130 (Fox Business)

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mpeg2video

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ac3

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704

PIXEL HEIGHT
480

TOPIC FREQUENCY

New York 12, Iran 6, Sandy 5, Superstorm Sandy 5, Nyse 3, Dubai 3, India 3, Bart 3, Jeff 2, Carl 2, Duncan Niederauer 2, Apple 2, Obama 2, Turkey 2, Atlanta 2, Massmutual 2, Syria 2, China 2, Washington 2, Pennsylvania 2,
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  FOX Business    MONEY With Melissa Francis    News/Business. Melissa Francis with a breakdown of the day's  
   top stories and their impact on the American Taxpayer. New.  

    October 30, 2012
    5:00 - 6:00pm EDT  

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looks like, about a 25 footer, right in the way of a car. again they don't have traffic signals for boats like this. we've got a lot more coming up right here on fbn. you don't have to change the channel. liz: we have it all for you. "money" with melissa francis is next. don't move. >> a few things i want to emphasize to the public at the top. this storm is not yet over. melissa: so if you think you're not affected by the storm, think again. superstorm sandy crashing through the midwest. airline passengers stranded across the country. gas and other energy prices could rise no matter where you live. "money" is breaking it all down. also money tonight, the owing bell will ring once again on wall street. restart of trading tomorrow create a perfect storm for stocks. we're going to explain that. does our government now need a secretary of business? president obama thinks so. what about the business community? we're going to get reaction
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straight from business owners mouths. even when they say it's not, even in this storm, it's always about money melissa: so, starting off tonight, no doubt hurricane sandy will cost a lot of money. it is still going strong, headed right for western new york. let us get the latest on the path from weather.com meteorologist. bernie, what is it getting ready to hit now? >> it is off to the east of pittsburgh. as you mentioned melissa, it is moving northward, when you take a look at storm, look how large it is. it is covering the eastern half of the united states. there is moisture feeding in on the earn end of it from the tropics. that is why we still have so much rain talking about. heaviest rain thankfully east of i-95 corridor through western pennsylvania
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and back to northwest indiana with this rain. we're not seeing the devastating rain we saw yesterday. pockets of heavy rain mostly across pennsylvania and back across the midwest. this blue, that is still snow falling heavily in the mountains of west virgina where they will be measuring this in feet. by the way, eastern end, we have showers and thunderstorms across may. how unusual is the storm? feels like the beginning of september in maine today, with dewpoint temperatures in the 60s and showers and thunderstorms that will cause locally heavy rain tonight. again, a slow weakening trend as we move northward by tomorrow. tropical storm sandy across western new york. rain and gusty winds. but nothing we've seen like we saw 24 hours ago. things are winding down. the wind will still be a problem the next 24 hours across the midwest. still southeasterly winds, a little piling up of water along the south shore of long island and also across
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southern new england but thankfully things will get much, much better. but clouds and showers will linger as we go you there the west rest of the week, melissa. melissa: wow! thank you very much. so far superstorm sandy has left massive destruction in her path. we will need to rebuild and that will take power and fuel no matter where you live. we're all wrestling over the resources now. here to talk about the cost and demand for all the energy is a former energy transportation safety chief under president george w. bush. thank you so much for coming on the program. you know, we realized today once you have food and water, the next thing everybody is worried about is energy, whether it is the power in your home or fuel in cars. i mean that's what we really need to rebuild and fix everything that is going on. let's start with energy here in the northeast. i mean when do you think people will get power back? how hard is that? >> well, melissa, right now, we've got about 8 million people without power. although all of the
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utilities have extra crews in, you know, frankly, they're going to be people without power for the next seven to 10 days. melissa: yeah, it always takes longer than you think. when you're one of those people without power and saying will it be back in a few hours, the answer is always no. what is the toll on businesses and economies? you see businesses in the affected area have no power. so they can't pay their bills. they can't do whatever their business is. i mean it's a big problem. >> it is a big problem. we've heard economists are all over the place. we heard anywhere from 20 upward to 50 billion in damages both from infrastructure as well as lost profits but it's going to take some time for business to get back on its feet. i think you heard mayor bloomberg earlier say, you know, new york is doing well but it took a direct hit and he is expecting it to take a couple weeks. melissa: the other source of fuel that we're watching, of course is gasoline. and the impact on refineries
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wasn't as great as some thought. there was only one refinery in new jersey that went down. at the same time we talked to some gas station owners experiencing supply shocks. what do you think is the fallout for supply? >> i think the good news unlike katrina, this will be more of a localized event. we lost billion two million barrels a day of refining capacity along the east coast. but, that's going to be offset right now but a drop in demand, a little bit more than that. so the good news is philadelphia, the largest refinery, that is the old sunoco facility, looks like minimal damage there it produces about a third of all refined products along the east coast. so that is looking pretty good but as you mentioned a couple others have storm damage and they have some flooding. it will be about a week before we know for sure. melissa: what about the drop in demand? you might read that as good news because we're not fighting over that supply. that is taking something out of the economy. and a lot of people filled
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up right before the storm started, so there's kind of a decline in demand as a result of that as well. >> right. melissa: is there an economic impact to the fact that people aren't driving? >> well there is. there is an economic impact. i mean this storm's economic impact will be measured in more ways than i think we can imagine right now. it is a big deal. so, you know, the good news people are off the streeds because they can't drive. you have bridges out. you have tunnels flooded. and so that helps us in the short term but sooner or later, you know, the refineries have to be back up and running. we have to get businesses back up and running and this storm has caused a massive amount of financial damage that i think we're only beginning now to understand. melissa: i think you're right about that. thanks for coming on the show. we appreciate your time. >> absolutely. happy to be here. melissa: so this storm sure did pack a punch. listen to this estimate. economic losses from superstorm sandy could reach $20 billion. some experts are saying it
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could even be more. here is the question. look at the jobs that will be created and money that will be spent as a boost for the economy? jeff cleveland a senior economist with paid den regal. he says no. lance robinson, senior economist at street advisors. he disagrees. thank you both for being here. jeff, i want to start with you because i do think you get an economic boom from all this. for example, last weekend as the storm was coming in i went into stores all over the new york area trying to get flashlights, batteries, water, the shelves were picked clean. people were fighting over stuff and buying things they wouldn't normally buy. how is that not a boost to the economy? >> you know, melissa it comes down to focusing on what is seen, all the purchases that people make, and ignoring what is not seen, and in this case, it would be what you would have spent that money on otherwise. so i think a lot of analysts that put forth spending figure for the impact of the storm ignore the counter factual, what they would have spent that money on if
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they didn't have to go down to the store and gobble up all the bat remember is off the -- batteries off the shelf that is the real problem here. melissa: lance, i don't know, do you agree with that? if i wasn't at the store buying batteries i would have been at the park playing with my kids. we would have done things we would have done but i had to stock up on the storm? >> we're talking about short-term impact and long-term issue. on the short-term this will be $20 billion -- i went back and looked at previous hurricanes this size. they average $20 billion worth of damage. we'll see that hit the economy on the short term in terms of people restocking, rebuilding, restructuring their homes. repunishing their houses where they lost furniture. buying food they need to replace in refrigerators that they lost. yes, we'll get a short term impact to the economy about half a percent through the end of the year as people restructure from this. but jeff tri's right. in the long term we're rebuilding what we already
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built. the long term we are borrowing money from the future so this is going to show up down the road and hit the economy again from a lack of growth side. melissa: i don't know. >> so really plays both ways. melissa: isn't there multiplier effect, put people to work they go out and spend money the government is great spending money it doesn't have, if it does that now it could be shovel-ready jobs that never materielized? the problem with that program it never happened. they put the money to work and gave it to the states and disappeared into the couch cushions of government mansions around the country. this is like we'll really go out and build stuff. >> i think this is a subset of that other problem that relates. this is really important economic problem to grasp. the way i think of it, melissa, if you say, hey, i want to really reboost or spark economic growth and i will come up to your house, jeffrey, i will break the window. now you have to replace that window.
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suddenly the window maker has a job and he can spend that money down the road. the problem with that is, i didn't want to spend money to replace the window. i wanted to buy a new suit. so the suit maker is now out of cash. yeah there are pip i will effects. you're redirecting them. you're not creating real growth. melissa: i filed a claim for that window. i still went out an bought a suit. my insurance company paid for that window. so that's commerce. >> it is. you spoke about deficit spending a moment ago. look one of the problems we have in this country right now, one of the reasons why we can't get economic growth going more than about 2% is because of the deficit that we're running. deficits have a negative impact on the economy. so long term that isn't a good measure is. again if it was a good idea to go around and basically destroying property to create economic growth why don't we blow up a few cities and we can have a lot of economic growth? the real issue is is that we need productive commerce over time. not replacement commerce but
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long-term. we're talking about --. melissa: like how, lance. how can we do that? >> we need productive commerce. in the short term we'll get half a percent bump to gdp. long term it's a different issue. melissa: jeff, what do you think is the short or long term way we get the economy rolling again if it is not a big storm like sandy? >> really where does prosperity come from? not from deinstructing things and building them back up. it comes from getting together and getting good ideas to get things more productively. it will come on the investment side, melissa. that's what we're watching. investment activity in businesses suffered the last three or four years. that's what i look to come back for longer term growth. you need investment to have prosperity. melissa: jeff, you don't think companies will be out there looking everything that happened in the storm and invent new flood walls and invent new ways to generate power when the power goes out in your house or invent new flashlights for me to buy? maybe there will be innovations that come as a result of destruction we've
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seen and i will go buy those things. that will be a boost in the economy, no? >> that is what is great by human ingenuity. we adapt, overcome obstacles. no doubt that will happen. melissa, that will happen anyway. we would find other ways to devote our time and energy and coming up with great new wonderful things to share with the world. instead we'll have to build things back up. melissa: i wouldn't have care about a generator before this. you guys are a lot of fun. thanks for coming on. i appreciate it. >> thank you, melissa. melissa: here is the question of the day, how bad were you hit by hurricane sandy? post or tweet your best pictures. they have been so incredible. tell us what you think. like us at facebook.com melissafrancisfox or follow me on twitter at melissaafrancis. next on "money", investors are rejoicing with wall street preparing to open for business tomorrow but they could be in for a nasty market surprise. we're going to explain that. can you believe the pictures of water pouring,
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look at that, pouring into a new jersey gas station and a boat in the middle of train tracks tracks. wow, this is incredible. this is not over yet. more money and more water coming up.
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>> moving onto the markets, the stock market moving to reopen after being closed the last two days. nyse ceo duncan niederauer told me if they opened market too many people would try to go to work instead of stay home. made sense to me. they test ad new contingency plan using just electronic trading before opening for trading tomorrow. secretary geithner met with market regulators discuss the impact of the storm. let's bring in scott martin to talk about all this of. let's talk about the explanation from duncan niederauer earlier today. charlie gasparino gave me a terrible time. the believes there was more toe it about the he have if cansy of electronic trading. what do you think happened?
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>> staying home is terrific but i think agree with charlie. that there is more than meets the eye. melissa: really. one definitely the backup system. the electronic trading system is relatively new. they made a lot of changes and probably weren't, exchanges didn't make the decision until sunday night. other thing nobody is talking about, i'm almost afraid to say the nyse doesn't want to marginalize the floor traders. nobody wants to talk about how we don't want to use the floor traders. nasdaq as well. that is another thing hey we don't need these guys come to work because we can trade-off sight. melissa: markets opens up two days ago. there is fine no one down on the floor and what do you need the floor brokers? >> totally. melissa: look what happened with facebook. that was complaint with people at the nasdaq, if there were floor brokers they would have made things cleaner and called people with problems. part of the problem that was all electronic. did you buy any part of that
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explanation? >> yeah again speaks to efficacy of backup systems they're just not ready yet but we're going in that direction. there was a volume report out from the nyse two weeks ago how much floor trading at nyse itself in new york is down like 35%. same thing at the nasdaq. other. hirono: changed like batts and direct edge, those guys can do trading when new york is shut down. melissa: what happens when the market opens tomorrow? >> i think there will be some selling just because i think people will panic and get out of positions on the open. one thing that has been going on people haven't been talking about the overseas markets have actually been pretty strong. there is lot of good underlying strength to the market. i don't think it will be disaster by any means. there is month end and usually a repositioning around that period. there will be open market or opening market volatility but i think on the day the market will be rather calm. melissa: is there any pent-up demand ahead of the election?
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because a lot of people want to bet one way or other or are those positions already in? >> i think they're in. listen, this election almost changes every hour. so i think if you're betting ahead on the election result i want to know what you know because certainly looks like is it could go either way. the market, whenever we get a result, obama or romney goes up the because i think it is clarity. market likes clarity. liquidity is good i think to get in ahead of the election. melissa: you think we'll see selling tomorrow but it will be pretty muted, not a lot of downward pressure is that your bottom line? >> i expect a lot of volume first 30 minutes and 60 minutes into the trading as people reposition to close up books for the month but overall i don't think it will be a huge day. melissa: that is another huge factor tomorrow is the end. monday and its halloween and it will be spooky no matter what. scott, thanks very much. >> keep it scary, melissa. melissa: president obama proposing, speaking of scary, a secretary of business, cabinet position. who doesn't want government
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more involved in business? look at one of the craziest videos to come out of the superstorm. the collapse of this crane on the 90th floor of a high-rise in midtown manhattan. "piles of money" coming up. it is impact from the storm all straight ahead. i know the name of eight princesses. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before there grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get tre. why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not take viagra
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melissa: are you ready? there are only seven days left until the election. of the president obama has a new plan to help business. he wants to create an entirely new cabinet position, the secretary of business. great, more government, just what we need! here is idea. why don't we take money creating this job give it back to businesses in form of lower taxes, so they can hire more people and purchase more equipment? that is an idea. we have the owner of metcalf manufacturer and tech
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resources. thanks for joining me guys. what do you think, bart? let me start with you. is this a fantastic idea? >> no, it is a terrible idea. a terrible idea. melissa: oh, why? >> why? well, you know, if you look at it creating a new agency, might have incredibly powerful and unknown potential regulatory control and far broad-reaching power. this is sort of a weird thing. i talked to, i talked to several ceos about this last night and this morning. they were sort of like, what? melissa: not excited. >> very, very bad idea. not excited at all. i got off the phone with folks from sba actually. they are saying, you know what? maybe there is cost sharing achieved in sort of overarching agency. but guess what? the government sucks at firing people. melissa: yeah. >> pardon my french. but the cost sharing is only achieved when you can actually lay people off.
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this is terrible idea. melissa: carl what do you think? if it is a cabinet position maybe somebody who could every time the president walks in they could scream stop bugging us at him. that would be a voice of small business. that could help. >> melissa, you're hired!. melissa: okay. >> i think they can put you on immediately absolutely. first thought that went through my mind was desperation. when i told my operations manager about it this morning he laughed so hard i thought he was going to break in half. four years into his presidency he wants to come up with something to help small business and the fact is, like you mentioned, the, his tax plan is going to do nothing but stagnate business and put us in a position to, for no growth, or negative growth versus growth. so it is his tax plan and what he plans to do in the future that will just crush business. melissa: i don't want to say it smacks of insince zarety, but reminds me of a little
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thing called the jobs council. i don't know if you remember that there were 18 or so members and included people like jeff immelt, cheryl sandberg. they all went to washington. it was a big deal. they met three times in 2011. they met once in 2012. it was a listening session. i don't know who was talking and who was listening but i feel like not a whole lot came out of that. so should i be more hopeful about this, bart? >> absolutely not. this is clearly, this is clearly a political stunt. at late stages in the candidacy. it is meant to attract business owners to the obama presidency and i think it is actually turning business owners off because everybody, like carl mentioned, everybody that heard about this is just like, no. melissa: carl, i don't know, it's, do we need, by saying we need a secretary of business is it almost like admitting the president doesn't know how to manage
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business so he will sort of outsource this part of the his job? maybe it is a step in the right direction. maybe he is admitting he can't do this and needs sort of a wing man to help him in the business community? >> again, who will that wing man be? he had jeffrey immelt and others support him and give, give him advice on how to handle business. the fact is his vision for higher taxes, for business owners, is that is not going to change regardless who he puts in play. so, i think it's another government wasted position. another, how many people end up in that administration? melissa: yeah. >> it does nothing to help small business or medium sized business or large business. melissa: carl, what is one thing a president, any president could do right now that would help stimulate small business? what could he do? >> this president? melissa: anyone. i mean anyone who sits in the white house. >> any president? melissa: yeah. give me one concrete thing
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that he could do that would help you? >> the first thing would be to take away the threat of increased taxes on small business. that would be the single largest thing that could help businesses move forward, make investments, additional employees. you know, second thing certainly would be obamacare. those are two things that would make a huge difference how people move forward. melissa: bart, one thing right now that any president could do that would help small business grow and hire more people? >> well i echo carl's sentiments but i think, i told you this before, melissa. it is making an jell investments in companies with less than 100 employees tax-free on the capital gains. melissa: yeah, that is an interesting idea. gentlemen, thanks so much for coming on. we appreciate it. bart, i know you just got back from your honeymoon. thanks for racing back it be on the show. >> no problem. >> congratulations, bart. melissa: all right. iran thumbs its nose at western sanctions. we'll explain how it is using billions of dollars
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worth of gold to stay financially afloat. that is next. plus look at these pictures of cars completely sub erge meed in water. the entire front -- look at that. down in chelsea that is totally ripped off. superstorm sandy has the travel industry reeling. we have new details on the blow to the bottom line. do you have too much money or too much of bart and carl? i don't. i love those guys.
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>> now turning to the middle east here on "money". we're been telling you iran is experiencing crippling inflation because of the latest e.u. signing shuns but the country is importing substantial amounts of gold. turkish trade data shows $2 billion worth of gold was sent to dubai on behalf of iranian gold buyers in
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october alone. this is with a $100 billion to boost its oil and gas production. is this how iran is getting its money. we have the author of a battle of the soul of islam. welcome back doctor. thanks so much for joining us. >> great to be with you, melissa. melissa: let me ask you about this report. reuters has done great reporting on this, saying their sources tell them couriers carrying millions dollars of gold bullion in their luggage have been flying from instan bull to dubai where the gold is then shipped to iran. what do you think? does this sound plausible? what does it mean? >> oh absolutely. i think, i'm so glad you're covering this, because it is untold way of bypassing the sanctions against iran which had been somewhat effective. we've seen the rial drop 30%. inflation is going up 50% as iranian citizens are concerned about the value of
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their own monetary value. at the end of the day what is happening is, they for example, turkey is subverting it. they're shipping gold. iran is selling its oil and turkey is paying for it through their only ya'll for example, and then they convert it to gold. iran gets the gold and uses gold to buy other products around the world and continue to function in the economy with china, india, south korea and other countries not buying into the sanctions. thus they continue to grow and prosper and create a separate economy from the sanctions. we need to talk about this, expose it and figure out a way to impose harsher sanctions on iran. melissa: other than crossing turkey off our christmas card list, what can we do about this? >> i think it is more complicated than this. turkey is supposedly in a proxy civil war against iran and syria supporting the opposition. either they're speaking the truth or openly lying and we could have a much stronger statement from the president.
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supposedly looking for regime change in syria. all the while turkey is funneling dollars to iran subverting american sanctions. one is a war of words. second, also other partners such as dubai supposedly an ally, just 100 miles across the sea from iran and shifting also some of that gold to them. so we have other players. india is an ally. other allies are subverting these sanctions through this new identityless gold economy providing one to $2 billion a month and bypassing these sanctions. melissa: when i originally heard they were investing $100 billion in trying to boost their oil out put, natural gas output. no i don't believe that. where are they getting the money? now you sort of see where they're getting the money. >> yes. melissa: in a lot of ways seems like this investment is unstopable, the whole thing seems unstopable? >> remember there is some impact from the sanctions but secondly, remember, this is a dictatorship can make any numbers about their own
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investment. i don't think they have have $100 billion. if they did the rial would not be dying 30% and price of food would not be going up 50% in the last year. they're exaggerating these numbers to do their own little bailout and tell their country, their dollars are good. they're investing in the gold or petrodollar economy internally. i think a lot of it is bluster. they're exaggerating to tell people have confidence in our main industry which is the oil industry while they sell 22% to china and 14% to japan and 1% to india. melissa: doctor, thanks so much for coming on and cutting through all the noise. i really appreciate it. hope you come back soon. >> anytime, melissa. thank you. >> superstorm sandy causing major turbulence for airlines. more than 15,000 flight cancellations are pounding the travel industry. you see why as you see cabbed sub irge ined and trains surrounded by water. look at those cabs! they're not going anywhere anytime
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soon. look at that. all right. even when there is a superstorm at the end of the day it is all about money. we'll be right back. [ female announcer with the e-trade 360 investing dashboard. free strming quotes, all your investments, posions, and even your trade ticket are all on one customizable page. see the 360 investing dashboard at e-trade.
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melissa: all right. let's get another check of superstorm sandy still
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wreaking havoc across the northeast heading right for western new york. jeff flock is out in point pleasant beach, new jersey, with the latest. jeff, boy, i can't believe you're still out there. how is it? i appreciate the sentiment. it is almost like, strikes me almost like a snowstorm but this is not going to melt anytime soon the place is covered with sand that came in last night in a river from the, from the ocean. they have cleaned off ocean avenue here, and so that is one thorough fare that is clear. but, i'll tell you if the head off in the other direction, i say one thorough fare that is clear there is a washout there. this is consistent with communities up and down the atlantic seaboard in the northeast because it was all hammered like this. it is not as governor christie said, it is not going away anytime soon. it will be measured in months, not weeks in terms of cleanup.
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it started here. you see flashing lights off in the distance. that is the fire department shutting off gas to homes along the shore that have been designated. -- decimated. we're still here. melissa: you're still there. is anyone else there? you want me to talk to roger ailes maybe letting you come back? looks like you're out there all by yourself? >> you may have more pull than me. yeah. there is nobody here. in fact we'll still be here because very difficult to get out. once you get out you can't get back in. a few people have stayed. there you see a fellow who is walking. there are some people that have stayed and decided to stay with their home. they have no gas. they have no power. water still running but you have to boil it. it is not a happy time here. as you can tell by the way i'm dressed. this is not your typical hurricane gash. it is -- garb. it is cold out here. melissa: we'll send a helicopter or something for you soon. jeff, thanks very much. as sandy ripped across the
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northeast it shut down all major airports leaving passengers on more than 15,000 flights stranded? my mother-in-law was one of them. she is trapped overseas. that kind of cuts both ways. look at picture of jetblue tarmac in laguardia airport. we know the storm could end up costing billions of dollars in damages. what about the travel industry this when will marined travelers get home. we have an expert at travel skills group, chris mcginnis. thanks very much for joining us. we appreciate it. >> sure thing. melissa: i even saw one estimate that said 18,000 flights. it just keeps climbing. is this a loss because, you know those flights didn't happen. people that were somewhere have to get home. but people who never left are, they're not going on those trips. >> yeah. they're displaced peel. there is displaced people all over the whole country right now. 7,000 cancellations yesterday. about 7,000 today. luckily looking into
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tomorrow we're looking about a a thousand cancellations. it is coming around pretty quickly. we still have all four new york airports shut down right now. there is not a good idea when they will be coming back up. this is of a affecting flights not only for people in new york or traveling to and form new york but across the entire country. for example, i'm flying to atlanta from san francisco where i'm based. i have to make sure the plane is not supposed to becoming from new york that i jump on to fly to atlanta. people have to run into that situation they have to be prepared get on difficult sized planes than before. they might have to jump on a plane earlier or later or may not get the upgrade they're hoping for. melissa: right. there is a major chain reaction, if you think you're not impacted by this because if you're not in a region where this storm is guess again. there are planes supposed to be someplace and they're not. they're somewhere else. what does it mean for the travel industry? how big of a loss do you think this is? if you look who is impacted
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by the storm seems like the travel industry has the hardest time recouping money from something like this? >> yeah. look at air and hotel and car rental. first off, air. a lot of airlines, well all the airlines got their equipment out of the way before this storm came in. we knew that it was coming for two or three days. they got all the planes out of there. there is not a lot of equipment damage. there is some fuel costs in getting those planes out of there but not that significant. car rental is actually going to do pretty well because there is lot of people now flying into airports like providence or baltimore or washington that to get into new york. they will fly into the airports and drive in because they can't fly in. people need to start getting back in new york. i think car rental will get a bump. hotels in the long term will get a bump because there will was huge, huge relief effort, from new jersey all the way up through, through boston. so there is going, you have to rebuild. a lot of the inexpensive hotels like best westerns and hampton inns along coast
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they will be doing quite well because of the relief effort to repair and rebuild this part of the country. melissa: we were looking at pictures of laguardia and the tarmac was underwater. there is obviously damage there. who pays to repair that? is that the taxpayer? >> yeah. well, the port authority of new york is going to have to, is going to have to pay for that. a lot of that water will drain away. the problem a lot of water, we're hearing about subways in new york, it is saltwater. it will do corrosive damage to runway lights and that kind of thing. there will have to be major repairs done. i think it will take quite a while when you look at pictures of airports that look like lakes than airports it is going to take a while. that water will probably drain off very quickly. but getting the airports back up and running probably will take at least this weekend if not early next week before we see any semblance of normalcy in the airline networks. melissa: yeah. you talked about the hotels. airlines don't legally have
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to pay for people to stay in hotels if their flights are canceled. >> that's right. that is an important thing to remember. yeah go ahead. >> yeah a lot of people think if there is cancellation due to crisis like this that the airlines will put you up in a hotel. that is not the case that is something that the airlines use to do back in regulated days but not anymore. another thing people need to realize if you're your flight is completely canceled by the airline, meaning that plane is not going you can ask the airline for full refund and get that and plan your trip later on in the year. you don't have to necessarily take their, their offer of a later flight, you know, anything like that. you can ask for a full refund, if and only if your flight is canceled. if it is delayed you can't do that. if it is canceled you get the full refund. melissa: chris, thank you very much. great stuff. >> sure thing. melissa: the show must go on the superstorm sandy may
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have stopped letterman's audience but it didn't stop him. he had an awesome show. you can never have too much money or letterman i guess.
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melissa: well time for spare change with author, radio talk show goddess monica crowley and
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adam shapiro, our very own adonis. first up, the show must go on. but changed a few things at letterman last night, like no audience. >> now. the perfect storm, david letterman. >> thank you so much. thank you so much, nice to see you, thank you very much for joining us here tonight ladies and gentlemen. we're in middle of hurricane sandy. and we have no studio audience. but by god we have a quite a show for you tonight. melissa: he seemed unfazed. they could have put in a picture of odd yearn we would not have known. cardboard cut out of the bodies, it was awkward. i was watching the monologue,
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only one laughing of paul shafer, but the show must go on. mantra of entertainment, good for dave, there are people on times square looking for a place to begin side last night. -- to go inside last night. >> the best was in art of television world, the guy who puts things like words, like the guy with my name right now, they had to use cardboard. melissa: why guys? why not a gal. >> a human being. melissa: the top 10 list with crayon. think only bridges and tunnels were shut down because of the superstorm, also shut down news sites, they are posting updates with back sites, but other major sites like new york times and "wall street journal" they were fine, what do you think?
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conspiracy theory. >> how about shout out for old media, about the new york post say sorry, no. huffington post, all of the web pages, of course, that is future, but don't count out those who can still print. melissa: new media is based in high-tech, they climb their servers were in lower manhattan, you would could they would have off site ser servers located from where else, dallas, florida, anywhere else. >> everyone in this building knew the storm was coming. booking hotels. >> some entrepreneur needs to trademark zone a, and make it a t-shirt. i survived zone a. that is where they were located. melissa: you should not have said it on television. >> fox owns everything i do.
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so. melissa: he refused to find his name on a litter of apology, with apples new mapping service. what do you think? should he have signed letter or been -- well, we don't know if he was fired. >> absolutely, look, tim cook signed letter, apple knew they had problems with that software when they launched iphone 5, so uncharacteristic of apple, if steve jobs had been there i bet they would have launched without that map app. this is unacceptable. >> this company has every right to hold its executives account able they asked him to sign the letter for whenever reasons, it was in his pervue not to sign but there are consequences.
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>> i have that phone, and the map app does not work. melissa: halloween and breast cancer awareness month, a new phenomenons of pumpkins, 50 farmers are growing pink pumpkins, check it out, it is cool. >> they look sickly. >> no, they are fantastic. melissa: 25-cents to breast cancer research, i hope of every dollar, what do you think? i think they are lovely. >> a great idea, fuschia company pumpkins would be awesome, a great idea but the problem is, what you saido only 25-cents, it has to go through a found doing with 5 board members, you worry about what percentage of that 25-cents goes to breast cancer research. melissa: i wonder who negotiated that deal, that person needs a new agent, tho